CITY OF HOPE - TEFRA APPROVAL RESOLUTION.PDF
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3824249.3 046787 RSIND A RESOLUTION OF THE MARICOPA COUNTY BOARD OF SUPERVISORS APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE ISSUANCE BY THE ILLINOIS FINANCE AUTHORITY OF NOT TO EXCEED $140,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS REVENUE BONDS, SERIES 2023A (CITY OF HOPE) WHEREAS, the Illinois Finance Authority (the “Issuer”) proposes to issue its Revenue Bonds, Series 2023A (the “Bonds”) in an aggregate principal amount not to exceed $350,000,000, and to loan a portion of the proceeds from the sale of the Bonds in an aggregate principal amount not to exceed $140,000,000 to City of Hope (the “Corporation”), a California nonprofit public benefit corporation, to provide for a plan of refinancing of the costs of certain projects located in the County of Maricopa, Arizona, as further described in the hereinafter defined Notice of Public Hearing, a copy of which is attached hereto (hereinafter collectively referred to as the “Maricopa Projects”). WHEREAS, a portion of the proceeds of the Bonds in a maximum principal amount of $140,000,000 will be applied by the Corporation to refinance certain taxable indebtedness of an affiliate of the Corporation incurred to finance the acquisition of integrated hospital and health care facilities owned or operated by related affiliates of the Corporation located in the County of Maricopa at the following addresses: Phoenix Cancer Hospital located at 14200 W. Celebrate Life Way, Goodyear, Arizona 85338; and outpatient facilities located at 3530 S. Val Vista Drive, Gilbert, Arizona 85297; 2915 and 2925 W. Rose Garden Lane, Phoenix, Arizona 85027; 20950 N. 29th Avenue, Phoenix, Arizona 85027; 20159 North Scottsdale Road, Scottsdale, Arizona 85255; and 9755 N. 90th Street, Scottsdale, Arizona 85258. WHEREAS, prior to the issuance of the Bonds, the public hearing and approval requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), require that the County of Maricopa, Arizona, being the governmental unit having jurisdiction over the area in which the Maricopa Projects are located, approve the issuance of the Bonds, after public hearing following reasonable notice. WHEREAS, upon request of the Corporation, The Industrial Development Authority of the County of Maricopa (the “Maricopa IDA”), published Notice of Public Hearing on the Maricopa IDA’s website on August 10, 2023 (the “Notice of Public Hearing”), a copy of which Notice of Public Hearing is attached hereto and made a part of this Resolution. WHEREAS, following the publication of such Notice of Public Hearing, a public hearing with respect to the Bonds and the location and nature of the Maricopa Projects described in such Notice of Public Hearing (the “Public Hearing”) was held telephonically by the Authority, pursuant to Section 147(f) of the Code, on August 17, 2023, at 10:00 a.m., MST, via toll free dial-in number. WHEREAS, a Report of Public Hearing regarding the Public Hearing held on August 17, 2023 has been presented to and considered by the Maricopa County Board of Supervisors. 2 3824249.3 046787 RSIND WHEREAS, the Notice of Public Hearing indicates that the Maricopa Projects described therein, which are to be refinanced with the proceeds of the Bonds, are owned and operated by Western Regional Medical Center, Inc., an affiliate of the Corporation, or a limited liability company of which Western Regional Medical Center, Inc. or COH HoldCo, Inc., an affiliate of the Corporation, is the sole member. WHEREAS, the Bonds are to be issued in one or more series or sub-series, from time to time, commencing on the date of adoption and approval of this Resolution, and the Issuer intends to issue one or more series or sub-series of Bonds not later than one year from the date of adoption and approval of this Resolution. WHEREAS, the Bonds will not be a debt, obligation or liability of the County of Maricopa or of the Maricopa IDA or of the State of Arizona or any agency or political subdivision thereof. WHEREAS, the Bonds will constitute a special, limited obligation of the Issuer, payable solely out of the revenues and other funds pledged and assigned for their payment in accordance with one or more loan agreements each between the Corporation and the Issuer and one or more indentures pursuant to which the Bonds are issued. WHEREAS, it is intended that this Resolution shall constitute approval by the Maricopa County Board of Supervisors as required by, and solely for the purposes of, Section 147(f) of the Code, as to the issuance of the Bonds to refinance the Maricopa Projects described in the Notice of Public Hearing. NOW, THEREFORE, BE IT RESOLVED BY THE MARICOPA COUNTY BOARD OF SUPERVISORS, as follows: 1. Solely for the purpose of satisfying the requirements of Section 147(f) of the Code, the issuance of the Bonds by the Issuer to provide funds to refinance the Maricopa Projects as described in the Notice of Public Hearing is hereby approved. 2. The Bonds shall not constitute a debt, obligation or liability of the Maricopa IDA or the County of Maricopa or of the State of Arizona or any other political subdivision thereof, and neither the Maricopa IDA nor the County of Maricopa nor the State of Arizona nor any other political subdivision thereof shall be obligated for the payment of the Bonds, for the manner or extent to which the proceeds from the sale of the Bonds are expended or allocated or for any aspect whatsoever of the Maricopa Projects. 3 3824249.3 046787 RSIND ADOPTED AND APPROVED this 13th day of September, 2023. _____________________________ Chair, Maricopa County Board of Supervisors ATTEST: _____________________________ Clerk, Maricopa County Board of Supervisors 3824249.3 046787 RSIND ATTACHMENT: NOTICE OF PUBLIC HEARING NOTICE OF PUBLIC HEARING PUBLIC NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) will be held telephonically on behalf of the County of Maricopa, Arizona, by an authorized representative of The Industrial Development Authority of the County of Maricopa (the "Maricopa IDA") on August 17, 2023, commencing at 10:00 a.m., MST, via the toll free dial-in number of 1-833-220-6615, (enter code 970133 and press #), with respect to the proposed issuance by the Illinois Finance Authority (the “Issuer”) of its Revenue Bonds, Series 2023A (City of Hope) (the “Bonds”) in one or more series from time to time, in the maximum aggregate principal amount of $350,000,000. A portion of the proceeds of the Bonds in the maximum aggregate principal amount of $140,000,000 will be loaned by the Issuer to City of Hope (the “Corporation”), a California nonprofit public benefit corporation, to provide for a plan of refinancing of the costs of the projects located in the County of Maricopa, Arizona, as hereinafter described, and to pay a portion of the costs of issuance of the Bonds. The Bonds will be issued as qualified 501(c)(3) bonds as defined in Section 145 of the Code for the purpose of refinancing hospital and health care facilities and related purposes. Up to $140,000,000 aggregate principal amount of the Bonds may be issued to refinance certain taxable indebtedness of an affiliate of the Corporation incurred to finance the acquisition of integrated hospital and health care facilities owned or operated by related affiliates of the Corporation and located in the County of Maricopa at the following addresses: Phoenix Cancer Hospital located at 14200 W. Celebrate Life Way, Goodyear, Arizona 85338; and outpatient facilities located at 3530 S. Val Vista Drive, Gilbert, Arizona 85297; 2915 and 2925 W. Rose Garden Lane, Phoenix, Arizona 85027; 20950 N. 29th Avenue, Phoenix, Arizona 85027; 20159 North Scottsdale Road, Scottsdale, Arizona 85255; and 9755 N. 90th Street, Scottsdale, Arizona 85258. The projects and facilities located in the County of Maricopa to be refinanced with the proceeds of the Bonds are owned and operated by Western Regional Medical Center, Inc., doing business as City of Hope Phoenix (an affiliate of the Corporation) or a limited liability company of which Western Regional Medical Center, Inc. or COH HoldCo, Inc. (an affiliate of the Corporation) is the sole member. The projects located in the County of Maricopa to be refinanced with the proceeds of the Bonds are located at the addresses set forth herein. The Bonds are to be issued from time to time, in one or more series or sub-series, commencing on the date of approval of the plan of refinancing described herein. The Issuer intends to issue one or more series of the Bonds not later than one year from the date of approval of the plan of refinancing described herein. THE BONDS WILL NOT CONSTITUTE AN OBLIGATION OF THE MARICOPA IDA, OR OF THE COUNTY OF MARICOPA, OR OF THE STATE OF ARIZONA OR ANY OTHER AGENCY OR POLITICAL SUBDIVISION THEREOF. The Bonds will be special limited obligations of the Issuer, payable solely out of the revenues and other funds pledged and 3824249.3 046787 RSIND assigned for their payment in accordance with one or more loan agreements each between the Corporation and the Issuer and one or more indentures pursuant to which the Bonds are issued. The Bonds do not constitute a debt of the Issuer, the State of Illinois, or any political subdivision thereof within the meaning of any provisions of the Constitution or statutes of the State of Illinois or a pledge of the faith and credit of the Issuer, the State of Illinois, or any political subdivision thereof, or grant to the owners thereof any right to have the Issuer or the General Assembly of the State of Illinois levy any taxes or appropriate any funds for the payment of the principal thereof or interest thereon. The Issuer has no taxing power. Any person may appear at such hearing and express his or her views, or may submit his or her views in writing, regarding the proposed Bonds and the location and nature of the Maricopa County projects described herein to be refinanced with the proceeds of the Bonds. Any written submissions must be sent to The Industrial Development Authority of the County of Maricopa, 8687 E. Via de Ventura, Suite 306, Scottsdale, Arizona 85258, Attention: President and clearly marked “City of Hope Projects.” Written submissions should be mailed or delivered in sufficient time to be received before August 17, 2023. Dated: August 10, 2023 THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA